Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

Core Viewpoint - The company is facing significant challenges in its performance due to a weakened demand in the liquor industry and ongoing transformation efforts, which require time to yield results [1][2]. Group 1: Performance Overview - For the first half of the year, the company expects to achieve approximately 560 million yuan in revenue, representing a year-on-year decline of about 43% [2]. - The net profit attributable to shareholders is projected to be between 8 million to 12 million yuan, reflecting a year-on-year decrease of 90.08% to 93.39% [2]. Group 2: Strategic Response - The company is implementing a "two lows and one small" product strategy to adapt to changing consumption patterns, focusing on low-end liquor, low-alcohol liquor, and small-sized products [1]. - In the low-end liquor segment, the company aims to leverage increased production capacity to enhance its offerings in the mid-to-low price range, emphasizing value for money [1]. - For low-alcohol products, the company plans to introduce new offerings that appeal to younger consumers, highlighting the unique characteristic of low alcohol content without compromising flavor [1]. - The small-sized product strategy focuses on expanding distribution through dining channels to reach a broader consumer base and cultivate a preference for the company's flavor profile [1].